LONG-TERM CARE
A survey by Genworth Financial, a long-term care insurer, reports the cost of a private room in a nursing home for a year averages more than $76,000 (up 17% since ’04), an assisted-living facility $36,000 annually and $38 an hour for a Medicare-certified home health aide. Genworth warns that a few years of long-term care can easily wipe out a lifetime of savings.
(AFA Online 5/14/08)